- The Blockchain Association has gained a new member, the Stellar Development Foundation (SDF), which will lobby for crypto-friendly regulation in the United States.
- Within the organization, the SDF intends to promote the vision of the Stellar Lumens ecosystem to policy-makers.
The Stellar Development Foundation (SDF) announced in a blog post yesterday that it has joined the Blockchain Association. In doing so, the SDF joins other heavyweights in the crypto industry, such as Grayscale, Coinbase, eToro, Kraken, Polychain Capital, Ripple, Compound, and the Electric Coin Company, to advocate smart, effective policies that will allow the blockchain to flourish in the United States.
In order to influence policy decisions on cryptocurrencies and the blockchain, and to represent the vision of the Stellar Lumens ecosystem, the Stellar Development Foundation wants to “be part of the political dialogue”. The Blockchain Association promotes a proactive dialogue by educating policy-makers about the benefits of the blockchain. It comprises diverse crypto companies and aims to give the industry a unified voice for a digital future.
As a member, SDF will work to help policy-makers and influencers understand the potential of blockchain technology to improve the current financial system. On the current status in the USA, the SDF states:
The United States can be a leader in unlocking that potential, but only with transparent guidance and regulatory clarity for the innovative businesses in this space. Together with like-minded organizations, we’ll use our collective voice to advocate for smart, effective policy that allows blockchain to thrive in the United States.
Notably, the Stellar Development Foundation wants to make policy-makers aware that today’s financial system no longer meets the needs of citizens and consumers. It aims to communicate and acknowledge the transformative potential of the blockchain technology to policy-makers, especially that of the Stellar Blockchain:
Today’s financial system was designed decades ago. It doesn’t always reflect the needs or expectations of citizens and consumers. […] Blockchain can make the system better. It can build greater trust in our institutions and empower consumers. That’s why we created Stellar — a global, public blockchain that connects today’s financial infrastructure in a way that furthers financial access and inclusion and unlocks the world’s economic potential.
Blockchain Association launches working group on market integrity
At the end of January, the Blockchain Association set up a new working group on “market integrity” to support the development of a public policy to ensure the transparency and fairness of the cryptocurrency market. The co-chairs are Breanne Madigan, Head of Global Institutional Markets at Ripple and Rachel Nelson, Senior Director, Associate General Counsel – Regulatory at Coinbase.
In particular, the working wants to address the concerns about the integrity of the crypto market by the Securities and Exchange Commission (SEC), in particular. The SEC has made it clear in the course of numerous rejections of Bitcoin ETF applications last year that it sees a problem in the possible manipulation of the market.
Removing these concerns and gaining legitimacy from the US supervisory authorities could significantly accelerate the general and institutional introduction of cryptocurrencies.